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CREA updates FINTRAC materials

Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act and regulations are lengthy and complex and brokers and REALTORS®  often experience difficulties in their quest to comply.

To assist brokers and Realtors, the Canadian Real Estate Association (CREA) provides a range of FINTRAC regime compliance materials, which it has just updated. 

Important changes highlight areas where real estate professionals are encountering difficulties in complying, including: 

  1. Revisions to the client risk section of CREA’s Information Record templates to assist members in determining a client’s risk of money laundering and terrorist financing.

  2. A revised Receipt of Funds template to make it clearer that information on the person providing the funds needs to be recorded.

  3. An updated Risk Assessment Form that’s intended to assist brokers, step-by-step, in determining their brokerage’s risk of money laundering or terrorist financing.

These updated materials are now posted on CREA’s FINTRAC compliance portal

FINTRAC forms are also now available on CREA WEBForms®.

If you have questions, concerns of comments, contact CREA’s Legal team by email at legal@CREA.ca.

You can also contact Harriet Permut, Real Estate Board of Greater Vancouver director of government relations at hpermut@rebgv.org.

Note from Unilife Realty: the FINTRAC forms have been updated on the Unilife Realty Intranet. You can also find the revised FINTRAC FAQ from December 2023 in the FINTRAC FORMS category on the DOCUMENTS page.

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Effective Immediately: Make sure you are using the most recent FINTRAC forms

If you use FINTRAC forms that have been saved to your computer, please replace them with the most current versions. 

You will see ‘2014 - 2023. v.1.0.’ or  '2021 - 2023. v.1.0.' as the revision date at the bottom of the updated forms.

The FINTRAC forms with the 2014 - 2023. v.1.0. revision date includes:

The FINTRAC forms with the 2021 - 2023. v.1.0. revision date includes:

The updated FINTRAC forms are also available on WEBForms.

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Glitz, Glam and Giveaways. The Biggest Realtor Party at Juno

Glitz, Glam & Giveaways

If you haven't already heard, Juno by Qualico StreetSide is having the biggest Realtor Event of the year. Experience the first-ever tower to launch with 10% total deposit - that means your clients can purchase a home for as little as $20K now and $20K later. Not a dollar more until completion in 2028.

Step into the glamour of Hollywood as we transform Surrey's largest Sales Gallery into a red-carpet affair. Indulge in an afternoon of exquisite cocktails, delightful canapés, entertainment, and the chance to win fabulous prizes. Don't miss this exclusive opportunity to discover more about Surrey's hottest pre-sale. RSVP now and be a part of the excitement!

RSVP Now

That’s right. $10,010. Cash.

When:
Thursday, January 25th, 2024

Start Time:
2pm

Where:
Juno Sales Gallery
#1-13890 104 Ave, Surrey British Columbia V3T 1W9

Parking:
Valet service 
*business card required upon event and giveaway entry 

Get Directions to Our Sales Gallery

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Ethics Guy®: Expected business conduct—the glue holding us together

Federal and provincial statutes, the Criminal Code, common law, regulations, rules, standards, and our obligations that come with the REALTOR® Code and Rules of Cooperation have a lot to say about how we conduct ourselves and what we must do in particular situations. 

Regulators and the statutes they enforce can be quite prescriptive, meaning they’re very specific about what we’re required to do in certain circumstances; for example, getting a potential client to promptly execute a Disclosure of Representation in Trading Services form and giving a written disclosure to buyers when a material latent property defect has been discovered. 

Codes of conduct often aren’t as prescriptive because they’re more general and aspirational. For example, they might state, “We’re REALTORS® and we will conduct ourselves with absolute civility.” This is pretty subjective, with as many shades as there are members. 

The problem with prescriptive requirements is they don’t cover all situations, and they sometimes prompt those who are being regulated to look for “workarounds.” Should we, as professionals, be looking for loopholes in our conduct requirements? Or should we act within the requirements and the spirit of those requirements? What do you think?

"Human nature being what it is, there’s no way to create rules and standards covering everything we do. The more rules and standards we have, the more opportunity there is to argue whether they apply in a particular situation and what a workaround might be. That, by the way, is where I spend a lot of time: talking to members about a standard or rule and how it affects them."

We have written standards generally telling us how we should act and what we must do in specific situations. 

This brings me to my theme of the glue holding everything together. That’s a phrase that reminds me of suffering through grade 10 physics, with my teacher shaking his head while calling me a great steaming twit (times were different back then). I learned about the things that hold our universe together, which I’ve now forgotten. Maybe it’s gravity. Who knows? I also learned—and then forgot—about the things holding our atoms and molecules together.

You get the point, I hope.

The universe, our bodies, solar systems, and, yes, our profession have a type of glue holding everything together. Each has individual components—planets, atoms, molecules—swirling around, sometimes in isolation and other times colliding. 

For us and our profession, it’s the Real Estate Services Act and all the other relevant acts, the BC Financial Services Authority, FINTRAC, and the competition police (to name a few), as well as our Board’s standards: the REALTOR® Code of Ethics, Rules of Cooperation, and the Constitution and Bylaws. All describe how we should behave and what we must do.

These are also the source of a lot of complaints. For example:

“They didn’t tell me there was more than one offer as required by ROC 4.04.” 

“The seller accepted an early offer, contrary to ROC 4.02.” 

“So-and-so used my photos in their new listing (ROC 3.06(a).” 

These examples are only some of the reasons why members complain. Mostly, members complain about how they’ve been treated by other members. The behaviour they expected from a colleague didn’t happen, and they’re miffed about it. 

What we expect from others isn’t usually written down and codified. I call that behaviour expected business conduct. It’s similar (and in many respects tied to) the social norms and niceties we expect in a civil society. Expected business conduct like civility doesn’t live in a document or a place on the Internet. It lives in each of us and governs the behaviour we expect from others. When the behaviour matches or is close to what we expect, we’re pleased. When it isn’t, we’re not.

So along with all the laws, rules, and regulations, expected business conduct also binds us together. This is not something that can be codified the way rules are, but your Pledge of Professionalism and the “do unto others, as you would have them do unto you” written into our REALTOR® Code are evidence of expected business conduct. They don’t, and can’t, describe everything, but in general terms, they represent how we ought to behave as members of this profession. And even though they aren’t spelled out for every possible case, I believe most of us have a pretty good idea of how professionals ought to conduct themselves.

"Paying attention to statutes, rules, and codes is the minimum standard we should expect from colleagues. The higher standard is paying attention to all that PLUS being civil, respectful, compassionate, communicative, and yes, knowledgeable. Together, that’s the glue that holds us together."

With the start of a new year, give a few minutes to think about that glue and how important it is to you and your professional experiences. Expected business conduct isn’t optional. It’s as vital to the you and your profession as food, air, and security is to every living thing.

I wish you the best. 


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Greater Vancouver assessments remain stable

Property owners receive their 2024 assessment notices the first week of January, an assessment which reflects the market value as of July 1, 2023.

Assessments remained in a narrow range compared to last year in Greater Vancouver and “most homeowners can expect only modest changes in the range of -5% to +5%,” according to BC Assessment (BCA) Assessor Bryan Murao. “These assessment changes are notably less than previous years,” Murao said.

For detached homes, Belcarra led the way with a nine per cent increase, followed by Burnaby, Coquitlam, and Vancouver, each with four per cent increases.

For strata homes, Richmond led the way with a four per cent increase followed by New Westminster and Port Coquitlam, each with a three per cent increase.

For detached homes, the biggest drop was in Sechelt which saw a six per cent decrease, followed by Gibsons, with a four per cent decrease. Squamish stratas declined two per cent, while Whistler stratas declined one per cent.

For new construction or substantially renovated homes, the estimate is based on the physical condition as of October 31, 2023.

Viewing the assessment notice

Property owners can also see a property’s assessment using the address on BCA’s website.

Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description and property ID.

If property details are incorrect, property owners are directed to complete and submit an Data Validation Form.

Property owners can also compare neighbouring properties and sample sold properties to decide whether their property has been correctly assessed. 

Deadline to appeal assessment is January 31, 2024

Property owners who disagree with their assessment should do homework by:

  • comparing their assessment with neighbouring properties; and

  • contacting BCA at 1-866-825-8322, talking with staff who can make adjustments if there’s an obvious error, for example if BCA included a complete renovation when there was only a spruce-up or an upgrade for plumbing or electrical.

Property owners who decide to appeal their property assessment should review information on the Property Assessment Appeal Board website on how to prepare for an appeal.  

Each year less than one per cent of BC property owners appeal their assessments.

Note: you can’t appeal your taxes. You can only appeal your assessment.

For information about BC Assessment and to access e-valueBC visit: www.bcassessment.ca or phone 1‑866-825-8322. 

Sample property value changes year-over-year, by neighbourhood

Location

2023 Typical Assessed Valueas of July 1, 2022

2024 Typical Assessed Value as of July 1, 2023

$

Change

%

Change

Anmore detached

$2,523,000

$2,544,000

+$21,000

+1%

Bowen Island detached

$1,362,000

$1,365,000

+$3,000

0%

Belcarra detached

$1,874,000

$2,045,000

+$171,000

+9%

Burnaby detached

$1,897,000

$1,973,000

+$76,000

+4%

Burnaby strata

$721,000

$731,000

+10,000

+1%

Coquitlam detached

$1,650,000

$1,722,000

+$72,000

+4%

Coquitlam strata

$712,000

$720,000

+8,000

+1%

Delta (incl Ladner/Tsawwassen) detached

$1,428,000

$1,406,000

-$22,000

-2%

Delta strata

$734,000

$747,000

+$13,000

+2%

Gibsons detached

$982,000

$939,000

-$43,000

-4%

Maple Ridge detached

$1,203,000

$1,226,000

+$23,000

+2%

Maple Ridge strata

$648,000

$658,000

+$10,000

+2%

New Westminster detached

$1,542,000

$1,567,000

+$25,000

+2%

New Westminster strata

$626,000

$645,000

+$19,000

+3%

North Vancouver City detached

$1,947,000

$1,988,000

+$41,000

+2%

North Vancouver City strata

$840,000

$836,000

-$4,000

0%

North Vancouver District detached

$2,050,000

$2,087,000

+$37,000

+2%

North Vancouver District strata

$924,000

$945,000

+$21,000

+2%

Pemberton detached

$1,332,000

$1,340,000

+$8,000

+1%

Pitt Meadows detached

$1,293,000

$1,305,000

+$12,000

+1%

Port Coquitlam detached

$1,347,000

$1,391,000

+$44,000

+3%

Port Coquitlam strata

$648,000

$669,000

+$21,000

+3%

Port Moody detached

$1,795,000

$1,842,000

+$47,000

+2%

Port Moody strata

$826,000

$826,000

No change

0%

Richmond detached

$1,822,000

$1,874,000

+$52,000

+3%

Richmond strata

$752,000

$779,000

+$27,000

+4%

Sechelt detached

$943,000

$884,000

-$59,000

-6%

Squamish detached

$1,496,000

$1,475,000

-$21,000

-1%

Squamish strata

$844,000

$830,000

-$14,000

-2%

Vancouver detached

$2,124,000

$2,209,000

+$85,000

+4%

Vancouver strata

$804,000

$807,000

+$3,000

0%

West Vancouver detached

$3,111,000

$3,050,000

-$61,000

-2%

West Vancouver strata

$1,390,000

$1,407,000

+$17,000

+1%

Whistler detached

$2,902,000

$2,842,000

+$60,000

-2%

Whistler strata

$1,358,000

$1,349,000

-$9,000

-1%

Source: BC Assessment

Read more about Greater Vancouver assessments.

Did you know?

  • BCA is a provincial Crown corporation, since 1974 responsible for determining and reporting property value estimates.

  • Number of properties assessed province-wide: 2,184,692 an increase of one per cent from 2023.  

  • Total value of the 2024 roll is $2.79 trillion, an increase of three per cent from 2023.

  • Total value of new construction, subdivisions and rezoning: $39.62 billion, an increase of 18+ per cent from the 2023 Roll of $33.52 billion.

  • For the Lower Mainland region, total assessments increased to nearly $2 trillion in 2024, up from $1.94 trillion in 2023.

  • $27.2 billion of the Lower Mainland region's updated assessments is from new construction, subdivisions and the rezoning of properties. 

Read about Lower Mainland highlights

Property tax

Property taxation is determined by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction.

Municipalities determine tax rates for each property class in the spring, once the assessment roll is finalized. Changes in assessment over the year don’t automatically translate into the same percentage changes in property taxes for any particular class of property or for any individual property.

Questions?

Contact BC Assessment

More info

View BC’s 500 highest valued properties.

Learn more about Lower Mainland assessments.

Learn about province-wide assessments

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January 4, 2024: Privacy Notice and Consent & Exclusive Listing Contract have been updated

Starting on January 4, 2024, please start using the updated version of the Privacy Notice and Consent and the Exclusive Listing Contract. These forms have been updated on the Unilife Intranet and in WEBForms.

If you have a previous version saved to your computer, please update with the current version dated JAN 2024.


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CREA’s REALTOR® Cooperation Policy is coming January 3 – what you need to know

The Canadian Real Estate Association (CREA) is putting a new policy into effect on January 3 that requires REALTORS® to place their residential listings on the MLS® System within three business days of public marketing, with some exceptions.

 

What's considered public marketing?

  • Emails or phone/video calls to more than one recipient

  • Posts to private social media groups
  • Mass-mailed brochures
  • “For Sale” signs

What’s exempt?

  • One-to-one direct marketing, like
    • Realtor-to-Realtor
    • client from the public
    • developer client
  • Rental property listings, like
    • rental apartments
  • Commercial property listings, like
    • offices
    • agricultural land
    • retail space
  • New construction with multiple properties/units, like
    • condo buildings
    • townhomes
    • residential developments

What if my seller doesn't want to list on the MLS®?

 

If your seller decides they don't want to market their listing on the MLS®, you must receive written confirmation of this decision.

 

This written confirmation from the seller must include a clear instruction not to engage in public marketing of their property, and an acknowledgement that declining to place their property on the MLS® may:

  • result in reduced exposure to the pool of potential buyers;
  • result in a lower number of offers received; and
  • limit the seller’s ability to receive the most favorable offers in terms of price or other terms and conditions of sale.

CREA has developed the REALTOR® Cooperation Disclosure and Consent form to help you comply in this situation. This form will be available on WEBForms after January 3.

 

Info resources

Our Rules of Cooperation will also update on January 3 to align with the Realtor Cooperation Policy.

 

Background

 

Elected representatives from real estate boards across Canada, including REBGV, voted to approve CREA's Realtor Cooperation Policy and establish a new Duty to Cooperate into the REALTOR® Code at their AGM in April. 


The Realtor Cooperation Policy was a recommendation from a CREA working group, which concluded that such a policy would make the MLS® more comprehensive and valuable to Realtors and their clients over the long term.

 

Learn more.

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BOTANICA: New Year Advantage -ONLY 10% DEPOSIT

Secure Your Home Now - 10% Deposit

Thank you to our new homeowners and the West Coquitlam community for being part of Botanica's Building One Release success. To celebrate the New Year and Botanica, you can now take advantage of our reduced deposit structure - and be one step closer to home.

5% NOW  |  5% IN 60 DAYS
Only Until Feb 25, 2024

Discover the natural environment of Botanica—a carefully curated living experience designed to fit seamlessly into the vibrant community of West Coquitlam.

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ONE BEDROOM + FLEX  HOMES FROM 555-605 SF | STARING UNDER $600,000

TWO BEDROOM / + FLEX FROM 808-1,054 SF | STARING UNDER $800,000

THREE BEDROOM / + FLEX FROM 1,053-1,350 SF | STARTING UNDER $950,000

*Pricing Excludes GST

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.